Wireless Smart Lighting Controls Market REPORT OVERVIEW
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The global Wireless Smart Lighting Controls market size is anticipated to be worth USD 3.03193 billion in 2022. As per our research, the market is projected to touch USD 15.45 billion in 2031 with a CAGR of 15.91% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Wireless smart lighting controls are devices that can operate the lightings without any wire connections. They have the ability to control signals between different devices. These signals can be communicated and controlled with the help of radio waves. Low voltage hardwiring is now replaced by radio waves.
IoT has become one of the most popular technologies that is being implemented in every industry. IoT based light fixtures are also available in the market. This is identified as the latest trend in the market.
LED lights are not only consumer friendly but they are also highly energy efficient. Smart lighting systems have a lot of advanced features and this is increasing the market growth. These are the factors that are contributing in the development of the wireless smart lighting controls market share.
COVID-19 impact: Reduction in the Demand for Electrical Appliances Brought Down Market Growth
The pandemic of COVID-19 led to the downfall of various industries across the world. The major reason for the downfall of all the industries was due to the decrease in their demand. The manufacturing of all electrical appliances became a very challenging task for all the manufacturers.
Electric appliances are made up of certain metals, and materials which became inaccessible during the period of pandemic. As the electric appliance market experienced a decline in its sales and revenues, the automatic lighting market also was negatively impacted. However, due to the increase in the e-commerce activities that is the purchase of goods online, the market registered some sales. But during the pandemic period the market experienced an overall loss.
LATEST TRENDS
"Increasing Use of IoT Lighting Fixtures to Increase Market Growth"
In the recent time, the idea of smart houses is increasing. Smart houses are equipped with many advanced features like digital security systems, sensor integrated devices, and IoT based lighting fixtures. With the increase in the adoption of IoT lightings the use of wireless smart lighting controls has also increased.
Internet of Things (IoT) based lightings also require wireless connections as this removes the need to depend on wire-based devices. Bulbs, or light devices are connected to a network. These networks can be monitored very easily and they can be controlled from the cloud.
Wireless Smart Lighting Controls Market SEGMENTATION
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- By Type:
The market can be divided on the basis of type into the following segments:
Zigbee, Wi-fi, Bluetooth, Z-Wave, and, Enocean. The Zigbee segment is anticipated to dominate the market during the forecast period.
- By Application:
Classification based on application into the following segment:
Commercial, and, industrial. The commercial segment is predicted to dominate the market during the research period.
DRIVING FACTORS
"Growing usage of LED Bulbs to Accelerate Market Growth"
Along with installing IoT based light fixtures the usage of LED bulbs and lights have also increased. Light emitting diode or LEDs are highly recommended over the other types of bulbs and lights because they have many excellent features that are beneficial to the consumer as well as the environment.
LED lightings are designed in a way that they produce useful lumens and at the same time produce very little or negligible amount of waste light compared to other lighting technologies. Also, the energy efficiency increases when all the other lights are replaced with LED lights. Low maintenance and low power consumption are added advantages. Such LED lightings are also available in wireless form. Increasing usage of LED lightings with wireless settings and connections are accelerating the market growth.
"Complete Digitalization of Wireless Light Systems to Propel Market Growth "
Wireless smart lighting controls are highly advanced as they are digitally transformed. These smart lighting controls are highly sensitive to network and can make the work of the users very easy and less time-consuming. Increase in the disposable income and lifestyle of people is also driving the growth of the market.
These wireless lighting controls can be controlled with the help of smartphones or even tablets. Some of the amazing features of these smart lights are that they can be dimmed and their color can also be changed accordingly. Such wireless lights can also be schedules at a particular time to be switched off or switched on. They can be provided with connection via Wi-Fi. The energy consumption of these equipments can also be tracked and monitored. Voice-controlling of these smart lightings can also be done. The above-mentioned features make these devices highly advanced and they are contributing in increasing the wireless smart lighting controls market growth.
RESTRAINING FACTOR
"Multiple Costs for Settling Up of Wireless Lighting Systems to Decrease Market Growth"
Smart wireless lightings are highly advanced and can easily be controlled, however they also have a few disadvantages. The multiple costs involved in setting up of these light systems can considerably deteriorate the market growth.
Many direct and indirect expenses are incurred during the entire lifetime of a smart lighting system. Some of the costs include cost of equipment, cost incurred for installation, cost of fixing the damages, upgradation cost, deployment cost, and post maintenance expenses. All of these expenses together add up to the total cost of the such wireless smart lighting controls. These factors are restraining the growth of the market.
Wireless Smart Lighting Controls Market Regional Insights
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"Europe to Dominate Market in The Upcoming Years"
Europe is the region that is estimated to hold the largest market share during the forecast period. North America is the second leading share holder in this market. A lot of factors have contributed in the growth of this market.
Some of the reasons for high rate of adoption of these smart lighting systems is the power efficiency of the system, growing popularity of smart houses, Internet of Things (IoT) based light fixtures, highly advanced features of these devices, increasing income and better lifestyles of people in this region. The most important reason is the initiate taken by governments to save light and energy. This has increased the installation of the wireless smart lighting controls market.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Petra Systems (U.S.)
- Huagong Lighting (China)
- Schneider Electric (France)
- TVILIGHT (Netherlands)
- Echelon (U.S.)
- Legrand (France)
- Honeywell (U.S.)
- Zengge (U.S.)
- GE Lighting (U.S.)
- Cimcon (U.S.)
- DimOnOff (Canada)
- Venture Lighting (India)
- Control4 (U.S.)
- Telematics (India)
- Murata (Japan)
- Lutron (U.S.)
- PHILIPS (Netherlands)
- Osram (Germany)
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 3.03193 Billion in 2022 |
Market Size Value By |
US$ 15.45 Billion by 2031 |
Growth Rate |
CAGR of 15.91% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the wireless smart lighting controls market expected to touch by 2031?
The wireless smart lighting controls market is projected and estimated to touch USD 15.45 billion in 2031.
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What CAGR is the wireless smart lighting controls market expected to exhibit by 2031?
The wireless smart lighting controls market is expected to exhibit a CAGR of 15.91% by 2031.
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Which are the driving factors of the wireless smart lighting controls market?
LED lights are not only consumer friendly but they are also highly energy efficient. Smart lighting systems have a lot of advanced features and this is increasing the wireless smart lighting controls market growth.
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Which are the top companies operating in the wireless smart lighting controls market?
Petra Systems, Huagong Lighting, and, Schneider Electricare the top companies operating in the wireless smart lighting controls market.
